Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 28, 2015 | Apr. 17, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | VSI | |
Entity Registrant Name | Vitamin Shoppe, Inc. | |
Entity Central Index Key | 1360530 | |
Current Fiscal Year End Date | -14 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 29,743,356 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $1,854 | $12,166 |
Accounts receivable, net of allowance of $1,344 and $1,883 in 2015 and 2014, respectively | 7,266 | 10,376 |
Inventories | 213,713 | 187,027 |
Prepaid expenses and other current assets | 36,735 | 37,029 |
Total current assets | 259,568 | 246,598 |
Property and equipment, net of accumulated depreciation and amortization of $246,507 and $238,613 in 2015 and 2014, respectively | 139,018 | 140,596 |
Goodwill | 243,269 | 243,269 |
Other intangibles, net | 88,630 | 89,025 |
Other assets | 3,062 | 2,903 |
Total assets | 733,547 | 722,391 |
Current liabilities: | ||
Revolving credit facility | 18,000 | 8,000 |
Accounts payable | 50,800 | 37,396 |
Accrued expenses and other current liabilities | 57,948 | 75,820 |
Total current liabilities | 126,748 | 121,216 |
Deferred income taxes | 9,384 | 9,151 |
Deferred rent | 39,388 | 39,388 |
Other long-term liabilities | 696 | 702 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; 250,000,000 shares authorized and no shares issued and outstanding at March 28, 2015 and December 27, 2014 | ||
Common stock, $0.01 par value; 400,000,000 shares authorized, 29,673,701 shares issued and 29,613,940 shares outstanding at March 28, 2015, and 30,106,337 shares issued and 30,048,881 shares outstanding at December 27, 2014 | 297 | 301 |
Additional paid-in capital | 253,792 | 267,083 |
Treasury stock, at cost; 59,761 shares at March 28, 2015 and 57,456 shares at December 27, 2014 | -2,796 | -2,695 |
Accumulated other comprehensive income (loss) | 10 | -83 |
Retained earnings | 306,028 | 287,328 |
Total stockholders' equity | 557,331 | 551,934 |
Total liabilities and stockholders' equity | $733,547 | $722,391 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $1,344 | $1,883 |
Accumulated depreciation and amortization, property and equipment | $246,507 | $238,613 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 250,000,000 | 250,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 29,673,701 | 30,106,337 |
Common stock, shares outstanding | 29,613,940 | 30,048,881 |
Treasury stock, shares | 59,761 | 57,456 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Income Statement [Abstract] | ||
Net sales | $336,835 | $307,836 |
Cost of goods sold | 222,186 | 198,367 |
Gross profit | 114,649 | 109,469 |
Selling, general and administrative expenses | 83,694 | 75,222 |
Income from operations | 30,955 | 34,247 |
Interest expense, net | 164 | 85 |
Income before provision for income taxes | 30,791 | 34,162 |
Provision for income taxes | 12,091 | 13,653 |
Net income | $18,700 | $20,509 |
Weighted average common shares outstanding | ||
Basic | 29,497,599 | 30,214,684 |
Diluted | 29,867,344 | 30,750,265 |
Net income per common share | ||
Basic | $0.63 | $0.68 |
Diluted | $0.63 | $0.67 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income | $18,700 | $20,509 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 93 | -31 |
Other comprehensive income (loss) | 93 | -31 |
Comprehensive income | $18,793 | $20,478 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Cash flows from operating activities: | ||
Net income | $18,700 | $20,509 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of fixed and intangible assets | 9,227 | 8,040 |
Amortization of deferred financing fees | 39 | 32 |
Deferred income taxes | 234 | 427 |
Deferred rent | -506 | -141 |
Equity compensation expense | 2,143 | 1,912 |
Tax benefits on exercises of stock options | -113 | -1,625 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,110 | |
Inventories | -26,303 | -5,460 |
Prepaid expenses and other current assets | -197 | 8,488 |
Other assets | -219 | -158 |
Accounts payable | 9,648 | -3,880 |
Accrued expenses and other current liabilities | -9,783 | -10,651 |
Other long-term liabilities | 513 | 1,525 |
Net cash provided by operating activities | 5,534 | 19,018 |
Cash flows from investing activities: | ||
Capital expenditures | -11,274 | -8,515 |
Trademarks and other intangible assets | -149 | -179 |
Net cash used in investing activities | -10,936 | -8,694 |
Cash flows from financing activities: | ||
Borrowings under revolving credit facility | 18,000 | |
Repayments of borrowings under revolving credit facility | -8,000 | |
Bank overdraft | 4,538 | |
Proceeds from exercises of common stock options | 783 | 1,788 |
Issuance of shares under employee stock purchase plan | 207 | 216 |
Tax benefits on exercises of stock options | 113 | 1,625 |
Purchases of treasury stock | -101 | -94 |
Purchases of shares under Share Repurchase Program | -16,541 | |
Other financing activities | -24 | -55 |
Net cash (used in) provided by financing activities | -5,066 | 3,480 |
Effect of exchange rate changes on cash and cash equivalents | 156 | -14 |
Net (decrease) increase in cash and cash equivalents | -10,312 | 13,790 |
Cash and cash equivalents beginning of period | 12,166 | 74,036 |
Cash and cash equivalents end of period | 1,854 | 87,826 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 65 | 58 |
Income taxes paid | 1,630 | 588 |
Supplemental disclosures of non-cash investing activities: | ||
Liability for purchases of property and equipment | 4,649 | 6,030 |
FDC Vitamins, LLC [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Contingent consideration payment for FDC Vitamins, LLC acquisition | -959 | |
Cash flows from investing activities: | ||
Acquisition of business | 487 | |
Cash flows from financing activities: | ||
Contingent consideration payment for FDC Vitamins, LLC acquisition | ($4,041) |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Mar. 28, 2015 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation | 1 | Basis of Presentation |
Vitamin Shoppe, Inc. (“VSI”), is incorporated in the State of Delaware, and through its wholly-owned subsidiary, Vitamin Shoppe Industries Inc. (“Subsidiary” or “Industries” together with VSI, the “Company”), is a multi-channel specialty retailer and contract manufacturer of nutritional products. Sales of both national brands and our own brands of vitamins, minerals, herbs, specialty supplements, sports nutrition and other health and wellness products (“VMS products”) are made through VSI-operated retail stores, the internet and mail order catalogs to customers located primarily in the United States. In addition, the Company manufactures products for both sales to third parties as well as for the VSI product assortment. VSI operates from its headquarters in North Bergen, New Jersey. | ||
The condensed consolidated financial statements as of March 28, 2015 and for the three months ended March 28, 2015 and March 29, 2014, are unaudited. The condensed consolidated balance sheet as of December 27, 2014 was derived from our audited financial statements. All intercompany transactions and balances have been eliminated in consolidation. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. The interim financial statements reflect all adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with GAAP. The interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K for the fiscal year ended December 27, 2014, as filed with the Securities and Exchange Commission on February 24, 2015 (the “Fiscal 2014 Form 10-K”). The results of operations for the interim periods should not be considered indicative of results to be expected for the full year. | ||
The Company’s fiscal year ends on the last Saturday in December. As used herein, the term “Fiscal Year” or “Fiscal” refers to a 52-week period, ending on the last Saturday in December. The results for the three months ended March 28, 2015 and March 29, 2014, are each based on 13-week periods, respectively. | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements, and revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
Except as noted below, the Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on its results of operations, financial condition, or cash flows, based on current information. | ||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606). Under ASU 2014-09, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2016 and early application of ASU 2014-09 is not permitted for public companies. The Company is evaluating ASU 2014-09 to determine if this guidance will have a material impact on the Company’s condensed consolidated financial statements. |
Acquisition
Acquisition | 3 Months Ended | |
Mar. 28, 2015 | ||
Business Combinations [Abstract] | ||
Acquisition | 2 | Acquisition |
On June 6, 2014, the Company acquired all of the outstanding equity interests of FDC Vitamins, LLC d/b/a Nutri-Force Nutrition (“Nutri-Force”), a company which provides custom manufacturing and private labeling of vitamins, dietary supplements, nutraceuticals and nutritional supplements, as well as, develops and markets its own branded products. The total purchase price was $86.1 million in cash, which includes $5.0 million of contingent consideration which was paid in March, 2015. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 3 | Inventories | |||||||
The components of inventories are as follows (in thousands): | |||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Finished goods | $ | 191,609 | $ | 171,896 | |||||
Work-in-process | 5,460 | 4,592 | |||||||
Raw materials | 16,644 | 10,539 | |||||||
$ | 213,713 | $ | 187,027 | ||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Intangible Assets | 4 | Goodwill and Intangible Assets | |||||||||||||||||||||||
Goodwill is allocated between the Company’s segments (reporting units), retail, direct and manufacturing. The following table discloses the carrying value of all intangible assets (in thousands): | |||||||||||||||||||||||||
March 28, 2015 | December 27, 2014 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Intangible assets | |||||||||||||||||||||||||
Goodwill | $ | 243,269 | $ | — | $ | 243,269 | $ | 243,269 | $ | — | $ | 243,269 | |||||||||||||
Tradenames - Indefinite-lived | 68,405 | — | 68,405 | 68,405 | — | 68,405 | |||||||||||||||||||
Brands | 10,000 | 463 | 9,537 | 10,000 | 324 | 9,676 | |||||||||||||||||||
Customer relationships | 7,500 | 313 | 7,187 | 7,500 | 219 | 7,281 | |||||||||||||||||||
Tradenames - Definite-lived | 4,400 | 1,982 | 2,418 | 4,250 | 1,735 | 2,515 | |||||||||||||||||||
Software | 1,300 | 217 | 1,083 | 1,300 | 152 | 1,148 | |||||||||||||||||||
Intangibles related to asset purchase | 2,950 | 2,950 | — | 2,950 | 2,950 | — | |||||||||||||||||||
$ | 337,824 | $ | 5,925 | $ | 331,899 | $ | 337,674 | $ | 5,380 | $ | 332,294 | ||||||||||||||
The useful lives of the Company’s definite-lived intangible assets are between 3 to 20 years. The expected amortization expense on definite-lived intangible assets on the Company’s condensed consolidated balance sheet at March 28, 2015, is as follows (in thousands): | |||||||||||||||||||||||||
Remainder of Fiscal 2015 | $ | 1,640 | |||||||||||||||||||||||
Fiscal 2016 | 1,485 | ||||||||||||||||||||||||
Fiscal 2017 | 1,385 | ||||||||||||||||||||||||
Fiscal 2018 | 1,385 | ||||||||||||||||||||||||
Fiscal 2019 | 1,385 | ||||||||||||||||||||||||
Thereafter | 12,945 | ||||||||||||||||||||||||
$ | 20,225 | ||||||||||||||||||||||||
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses and Other Current Liabilities | 5 | Accrued Expenses and Other Current Liabilities | |||||||
Accrued expenses and other current liabilities consist of the following (in thousands): | |||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Deferred sales | $ | 8,608 | $ | 22,499 | |||||
Accrued salaries and related expenses | 8,048 | 8,824 | |||||||
Sales taxes payable and related expenses | 7,552 | 6,494 | |||||||
Accrued fixed asset additions | 4,337 | 7,290 | |||||||
Other accrued expenses | 29,403 | 30,713 | |||||||
$ | 57,948 | $ | 75,820 | ||||||
Credit_Arrangements
Credit Arrangements | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Credit Arrangements | 6 | Credit Arrangements | |||||||
As of March 28, 2015 and as of December 27, 2014, the Company had $18.0 million and $8.0 million of borrowings outstanding on its Revolving Credit Facility, respectively. | |||||||||
Revolving Credit Facility | |||||||||
Subject to the terms of the Revolving Credit Facility, which has a maturity date of October 11, 2018, the Company may borrow up to $90.0 million, with a Company option to increase the facility up to a total of $150.0 million. The availability under the Revolving Credit Facility is subject to a borrowing base calculated on the value of certain accounts receivable as well as certain inventory of the Company. The obligations thereunder are secured by a security interest in substantially all of the assets of the Company. Under the Revolving Credit Facility, VSI has guaranteed the Company’s obligations, and Industries and its wholly-owned subsidiaries have each guaranteed the obligations of the other respective entities. The Revolving Credit Facility provides for affirmative and negative covenants affecting the Company. The Revolving Credit Facility restricts, among other things, the Company’s ability to incur indebtedness, create or permit liens on the Company’s assets, declare or pay dividends and make certain other restricted payments, consolidate, merge or recapitalize, sell assets, make certain investments, loans or other advances, enter into transactions with affiliates, change our line of business, and restricts the types of hedging activities the Company can enter into. The largest amount borrowed during the three months ended March 28, 2015 was $18.0 million. There were no borrowings during the three months ended March 29, 2014. The unused available line of credit under the Revolving Credit Facility at March 28, 2015 was $69.1 million. | |||||||||
Borrowings under the Revolving Credit Facility accrue interest, at the Company’s option, at the rate per annum based on an “alternative base rate” plus 0.25% or 0.50% or the adjusted Eurodollar rate plus 1.25% or 1.50%, in each case with the higher spread applicable in the event that the aggregate amount of the borrowings under the Revolving Credit Facility exceeds 50% of the borrowing base availability under the Revolving Credit Facility. The weighted average interest rate for the Revolving Credit Facility during the three months ended March 28, 2015 was 1.44%. | |||||||||
The commitment fee on the undrawn portion of the $90.0 million Revolving Credit Facility was 0.25% as of March 28, 2015 and December 27, 2014. | |||||||||
Interest expense, net for the three months ended March 28, 2015 and March 29, 2014 consists of the following (in thousands): | |||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Interest/Fees on the revolving credit facility and other interest | $ | 125 | $ | 65 | |||||
Amortization of deferred financing fees | 39 | 32 | |||||||
Interest income | — | (12 | ) | ||||||
Interest expense, net | $ | 164 | $ | 85 | |||||
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock Based Compensation | 7 | Stock Based Compensation | |||||||||||||||
Equity Incentive Plans- The Company has two equity incentive plans that provide stock based compensation to certain directors, officers, consultants and employees of the Company; the 2006 Stock Option Plan (the “2006 Plan”) and the Vitamin Shoppe 2009 Equity Incentive Plan (the “2009 Plan”). As of March 28, 2015, there were 2,444,670 shares available to grant under both plans. | |||||||||||||||||
The following table summarizes restricted shares for the 2009 Plan as of March 28, 2015 and changes during the three month period then ended: | |||||||||||||||||
Number of Unvested | Weighted | ||||||||||||||||
Restricted Shares | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
Unvested at December 27, 2014 | 448,611 | $ | 45.04 | ||||||||||||||
Granted | 9,833 | $ | 46.77 | ||||||||||||||
Vested | (5,312 | ) | $ | 51.42 | |||||||||||||
Canceled/forfeited | (5,801 | ) | $ | 44.23 | |||||||||||||
Unvested at March 28, 2015 | 447,331 | $ | 45.01 | ||||||||||||||
The following table summarizes stock options for the 2006 and 2009 Plans as of March 28, 2015 and changes during the three month period then ended: | |||||||||||||||||
Number of Options | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining | (in thousands) | |||||||||||||||
Contractual | |||||||||||||||||
Life (years) | |||||||||||||||||
Outstanding at December 27, 2014 | 383,577 | $ | 24.14 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (35,689 | ) | $ | 21.94 | |||||||||||||
Canceled/forfeited | (388 | ) | $ | 37.07 | |||||||||||||
Outstanding at March 28, 2015 | 347,500 | $ | 24.35 | 3.96 | $ | 5,702 | |||||||||||
Vested or expected to vest at March 28, 2015 | 328,666 | $ | 24.35 | 3.96 | — | ||||||||||||
Vested and exercisable at March 28, 2015 | 305,304 | $ | 22.52 | 3.64 | $ | 5,504 | |||||||||||
The total intrinsic value of options exercised during the three months ended March 28, 2015 and March 29, 2014, was $0.7 million and $4.7 million, respectively. The cash received from options exercised during the three months ended March 28, 2015 and March 29, 2014 was $0.8 million and $1.8 million, respectively. | |||||||||||||||||
The following table summarizes restricted share units for the 2009 Plan as of March 28, 2015 and changes during the three month period then ended: | |||||||||||||||||
Number of Unvested | Weighted | ||||||||||||||||
Restricted Share | Average Grant | ||||||||||||||||
Units | Date Fair Value | ||||||||||||||||
Unvested at December 27, 2014 | 9,633 | $ | 51.37 | ||||||||||||||
Granted | 5,715 | $ | 47.19 | ||||||||||||||
Vested | (9,280 | ) | $ | 51.71 | |||||||||||||
Canceled/forfeited | — | — | |||||||||||||||
Unvested at March 28, 2015 | 6,068 | $ | 46.91 | ||||||||||||||
Compensation expense attributable to stock based compensation for the three months ended March 28, 2015 and March 29, 2014, was approximately $2.1 million and $1.9 million, respectively. As of March 28, 2015, the remaining unrecognized stock based compensation expense for non-vested stock options, restricted shares and restricted share units to be expensed in future periods is $6.6 million, and the related weighted-average period over which it is expected to be recognized is 1.5 years. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates forfeitures based on its historical forfeiture rate since the inception of granting stock based awards. The estimated value of future forfeitures for stock options, restricted shares and restricted share units as of March 28, 2015 is approximately $1.5 million. | |||||||||||||||||
The weighted-average grant date fair value of stock options was $15.60 during the three months ended March 29, 2014. This valuation represents the fair value of subsequent annual tranches of performance based stock options granted in 2011. There were no such valuations during the three months ended March 28, 2015. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 29, | |||||||||||||||||
2014 | |||||||||||||||||
Expected dividend yield | 0 | % | |||||||||||||||
Weighted average expected volatility | 35.9 | % | |||||||||||||||
Weighted average risk-free interest rate | 1.2 | % | |||||||||||||||
Expected holding period | 4.00 years | ||||||||||||||||
Treasury Stock- As part of the Company’s stock plans, the Company makes required tax payments on behalf of employees as their restricted shares vest. The Company withholds the number of vested shares having a value on the date of vesting equal to the minimum statutory tax obligation. The shares withheld are recorded as treasury shares. During the three months ended March 28, 2015, the Company purchased 2,305 shares in settlement of employees’ tax obligations for a total of $0.1 million. The Company accounts for treasury stock using the cost method. |
Advertising_Costs
Advertising Costs | 3 Months Ended | |
Mar. 28, 2015 | ||
Text Block [Abstract] | ||
Advertising Costs | 8 | Advertising Costs |
The costs of advertising for online marketing arrangements, magazines, direct mail, television and radio are expensed the first time the advertising takes place. Costs associated with the production and distribution of the Company’s catalogs are expensed as incurred. Advertising expense was $6.5 million and $5.5 million for the three months ended March 28, 2015 and March 29, 2014, respectively. |
Net_Income_Per_Share
Net Income Per Share | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Income Per Share | 9 | Net Income Per Share | |||||||
The Company’s basic net income per share excludes the dilutive effect of stock options, unvested restricted shares and unvested restricted share units. It is based upon the weighted average number of common shares outstanding during the period divided into net income. | |||||||||
Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. Stock options, unvested restricted shares and unvested restricted share units are included as potential dilutive securities for the periods applicable, using the treasury stock method to the extent dilutive. | |||||||||
The components of the calculation of basic net income per common share and diluted net income per common share are as follows (in thousands except share and per share data): | |||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net income | $ | 18,700 | $ | 20,509 | |||||
Denominator: | |||||||||
Basic weighted average common shares outstanding | 29,497,599 | 30,214,684 | |||||||
Effect of dilutive securities: | |||||||||
Stock options | 123,583 | 323,029 | |||||||
Restricted shares | 244,585 | 211,244 | |||||||
Restricted share units | 1,577 | 1,308 | |||||||
Diluted weighted average common shares outstanding | 29,867,344 | 30,750,265 | |||||||
Basic net income per common share | $ | 0.63 | $ | 0.68 | |||||
Diluted net income per common share | $ | 0.63 | $ | 0.67 | |||||
Stock options and restricted shares for the three months ended March 28, 2015 and March 29, 2014 in the amount of 10,015 shares and 25,941 shares, respectively, have been excluded from the above calculation as they were anti-dilutive. |
Share_Repurchase_Program
Share Repurchase Program | 3 Months Ended | |
Mar. 28, 2015 | ||
Equity [Abstract] | ||
Share Repurchase Program | 10 | Share Repurchase Program |
In August 2014, the Company’s board of directors approved a share repurchase program that enables the Company to purchase up to $100 million of its shares of common stock from time to time over a three year period. As of March 28, 2015, 1,672,039 shares have been repurchased for a total of $74.4 million. The repurchase program does not obligate the Company to acquire any specific number of shares of its common stock and may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing such shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. | ||
During the first quarter of Fiscal 2015, the Company repurchased 400,000 shares of its common stock in the open market, which were retired upon repurchase. The total purchase price was $16.5 million with an average repurchase price per share of $41.35. | ||
Additionally, the Company completed an accelerated share repurchase arrangement (“ASR”) in January 2015 at which time the financial institution delivered 88,325 shares of the Company’s common stock, which were retired upon delivery. The average repurchase price per share under the ASR was $46.68. The Company reflects the ASR as a repurchase of common stock in the period delivered for purposes of calculating earnings per share and as a forward contract indexed to its own common stock. The ASR met all of the applicable criteria for equity classification, and therefore, was not accounted for as a derivative instrument. |
Legal_Proceedings
Legal Proceedings | 3 Months Ended | |
Mar. 28, 2015 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Legal Proceedings | 11 | Legal Proceedings |
The Company is party to various lawsuits arising from time to time in the normal course of business, many of which are covered by insurance. As of March 28, 2015, the Company was not party to any material legal proceedings. Although the impact of the final resolution of these matters on the Company’s financial condition, results of operations or cash flows is not known, management does not believe that the resolution of these lawsuits will have a material adverse effect on the financial condition, results of operations or liquidity of the Company. |
Segment_Data
Segment Data | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Data | 12 | Segment Data | |||||||
The Company currently operates three business segments, retail, direct and manufacturing. The operating segments are segments of the Company for which separate financial information is available and for which operating results are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance. The Company’s management evaluates segment operating results based on several indicators. The primary key performance indicators are sales and operating income for each segment. The table below represents key financial information for each of the Company’s business segments as well as corporate costs. The retail segment primarily includes the Company’s retail stores. The retail segment generates revenue primarily through the sale of VMS products through Vitamin Shoppe, Super Supplements and Vitapath retail stores in the United States, Puerto Rico and in Canada. The direct segment generates revenue through the sale of VMS products primarily through the Company’s websites and catalog. The Company’s websites offer customers online access to a full assortment of approximately 23,000 SKUs. The manufacturing segment supplies the retail and direct segments, along with various thirds parties, with finished products for sale. Corporate costs represent all other expenses not allocated to the retail, direct or manufacturing segments which include, but are not limited to: human resources, legal, retail management, direct management, finance, information technology, depreciation (primarily related to assets utilized by the retail and direct business segments as well as corporate assets) and amortization, and various other corporate level activity related expenses. Intercompany sales transactions are eliminated in consolidation. | |||||||||
The Company’s segments are designed to allocate resources internally and provide a framework to determine management responsibility. The accounting policies of the segments are consistent with those described in Note 2. Summary of Significant Accounting Policies in the Fiscal 2014 Form 10-K. The Company has allocated $165.3 million, $45.3 million and $32.6 million of its recorded goodwill to the retail, direct and manufacturing segments, respectively. The Company does not have identifiable assets separated by segment, with the exception of the identifiable assets of the manufacturing segment which were $95.7 million and $96.2 million as of March 28, 2015 and December 27, 2014, respectively. Capital expenditures for the manufacturing segment for the three months ended March 28, 2015 were approximately $1.1 million. At March 28, 2015 and December 27, 2014, long lived assets of the manufacturing segment were $60.3 million and $59.9 million, respectively. | |||||||||
The following table contains key financial information of the Company’s business segments (in thousands): | |||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Net sales: | |||||||||
Retail | $ | 287,983 | $ | 272,468 | |||||
Direct | 34,844 | 35,368 | |||||||
Manufacturing | 21,828 | — | |||||||
Segment net sales | 344,655 | 307,836 | |||||||
Elimination of intersegment revenues | (7,820 | ) | — | ||||||
Net sales | $ | 336,835 | $ | 307,836 | |||||
Income from operations: | |||||||||
Retail | $ | 56,059 | $ | 56,699 | |||||
Direct | 5,065 | 7,025 | |||||||
Manufacturing | 299 | — | |||||||
Corporate costs (1) | (30,468 | ) | (29,477 | ) | |||||
Income from operations | $ | 30,955 | $ | 34,247 | |||||
-1 | Corporate costs include (in thousands): | ||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Depreciation and amortization expenses | $ | 8,880 | $ | 8,040 | |||||
Acquisition and integration costs | 360 | 1,758 |
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Mar. 28, 2015 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 13 | Subsequent Events |
On May 6, 2015, the Company announced that its board of directors approved a share repurchase program that enables the Company to purchase up to $100 million of its shares of common stock from time to time over the next three years. This authorization is in addition to approximately $25.6 million remaining, as of May 6, 2015, under the existing $100 million share repurchase authorization, which was announced in August 2014. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components of Inventories | The components of inventories are as follows (in thousands): | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Finished goods | $ | 191,609 | $ | 171,896 | |||||
Work-in-process | 5,460 | 4,592 | |||||||
Raw materials | 16,644 | 10,539 | |||||||
$ | 213,713 | $ | 187,027 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Intangible Assets | The following table discloses the carrying value of all intangible assets (in thousands): | ||||||||||||||||||||||||
March 28, 2015 | December 27, 2014 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Intangible assets | |||||||||||||||||||||||||
Goodwill | $ | 243,269 | $ | — | $ | 243,269 | $ | 243,269 | $ | — | $ | 243,269 | |||||||||||||
Tradenames - Indefinite-lived | 68,405 | — | 68,405 | 68,405 | — | 68,405 | |||||||||||||||||||
Brands | 10,000 | 463 | 9,537 | 10,000 | 324 | 9,676 | |||||||||||||||||||
Customer relationships | 7,500 | 313 | 7,187 | 7,500 | 219 | 7,281 | |||||||||||||||||||
Tradenames - Definite-lived | 4,400 | 1,982 | 2,418 | 4,250 | 1,735 | 2,515 | |||||||||||||||||||
Software | 1,300 | 217 | 1,083 | 1,300 | 152 | 1,148 | |||||||||||||||||||
Intangibles related to asset purchase | 2,950 | 2,950 | — | 2,950 | 2,950 | — | |||||||||||||||||||
$ | 337,824 | $ | 5,925 | $ | 331,899 | $ | 337,674 | $ | 5,380 | $ | 332,294 | ||||||||||||||
Expected Amortization Expense on Definite-Lived Intangible Assets | The expected amortization expense on definite-lived intangible assets on the Company’s condensed consolidated balance sheet at March 28, 2015, is as follows (in thousands): | ||||||||||||||||||||||||
Remainder of Fiscal 2015 | $ | 1,640 | |||||||||||||||||||||||
Fiscal 2016 | 1,485 | ||||||||||||||||||||||||
Fiscal 2017 | 1,385 | ||||||||||||||||||||||||
Fiscal 2018 | 1,385 | ||||||||||||||||||||||||
Fiscal 2019 | 1,385 | ||||||||||||||||||||||||
Thereafter | 12,945 | ||||||||||||||||||||||||
$ | 20,225 | ||||||||||||||||||||||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): | ||||||||
March 28, | December 27, | ||||||||
2015 | 2014 | ||||||||
Deferred sales | $ | 8,608 | $ | 22,499 | |||||
Accrued salaries and related expenses | 8,048 | 8,824 | |||||||
Sales taxes payable and related expenses | 7,552 | 6,494 | |||||||
Accrued fixed asset additions | 4,337 | 7,290 | |||||||
Other accrued expenses | 29,403 | 30,713 | |||||||
$ | 57,948 | $ | 75,820 | ||||||
Credit_Arrangements_Tables
Credit Arrangements (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Interest Expense, Net | Interest expense, net for the three months ended March 28, 2015 and March 29, 2014 consists of the following (in thousands): | ||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Interest/Fees on the revolving credit facility and other interest | $ | 125 | $ | 65 | |||||
Amortization of deferred financing fees | 39 | 32 | |||||||
Interest income | — | (12 | ) | ||||||
Interest expense, net | $ | 164 | $ | 85 | |||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Summary of Stock Options | The following table summarizes stock options for the 2006 and 2009 Plans as of March 28, 2015 and changes during the three month period then ended: | ||||||||||||||||
Number of Options | Weighted | Weighted | Aggregate | ||||||||||||||
Average | Average | Intrinsic Value | |||||||||||||||
Exercise Price | Remaining | (in thousands) | |||||||||||||||
Contractual | |||||||||||||||||
Life (years) | |||||||||||||||||
Outstanding at December 27, 2014 | 383,577 | $ | 24.14 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (35,689 | ) | $ | 21.94 | |||||||||||||
Canceled/forfeited | (388 | ) | $ | 37.07 | |||||||||||||
Outstanding at March 28, 2015 | 347,500 | $ | 24.35 | 3.96 | $ | 5,702 | |||||||||||
Vested or expected to vest at March 28, 2015 | 328,666 | $ | 24.35 | 3.96 | — | ||||||||||||
Vested and exercisable at March 28, 2015 | 305,304 | $ | 22.52 | 3.64 | $ | 5,504 | |||||||||||
Summary of Fair Value Option Grant Using Black-Scholes Option-Pricing Model | The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
March 29, | |||||||||||||||||
2014 | |||||||||||||||||
Expected dividend yield | 0 | % | |||||||||||||||
Weighted average expected volatility | 35.9 | % | |||||||||||||||
Weighted average risk-free interest rate | 1.2 | % | |||||||||||||||
Expected holding period | 4.00 years | ||||||||||||||||
Restricted Shares [Member] | |||||||||||||||||
Summary of Restricted Shares | The following table summarizes restricted shares for the 2009 Plan as of March 28, 2015 and changes during the three month period then ended: | ||||||||||||||||
Number of Unvested | Weighted | ||||||||||||||||
Restricted Shares | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
Unvested at December 27, 2014 | 448,611 | $ | 45.04 | ||||||||||||||
Granted | 9,833 | $ | 46.77 | ||||||||||||||
Vested | (5,312 | ) | $ | 51.42 | |||||||||||||
Canceled/forfeited | (5,801 | ) | $ | 44.23 | |||||||||||||
Unvested at March 28, 2015 | 447,331 | $ | 45.01 | ||||||||||||||
Restricted Share Units [Member] | |||||||||||||||||
Summary of Restricted Shares | The following table summarizes restricted share units for the 2009 Plan as of March 28, 2015 and changes during the three month period then ended: | ||||||||||||||||
Number of Unvested | Weighted | ||||||||||||||||
Restricted Share | Average Grant | ||||||||||||||||
Units | Date Fair Value | ||||||||||||||||
Unvested at December 27, 2014 | 9,633 | $ | 51.37 | ||||||||||||||
Granted | 5,715 | $ | 47.19 | ||||||||||||||
Vested | (9,280 | ) | $ | 51.71 | |||||||||||||
Canceled/forfeited | — | — | |||||||||||||||
Unvested at March 28, 2015 | 6,068 | $ | 46.91 | ||||||||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Calculation of Basic and Diluted Net Income Per Common Share | The components of the calculation of basic net income per common share and diluted net income per common share are as follows (in thousands except share and per share data): | ||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net income | $ | 18,700 | $ | 20,509 | |||||
Denominator: | |||||||||
Basic weighted average common shares outstanding | 29,497,599 | 30,214,684 | |||||||
Effect of dilutive securities: | |||||||||
Stock options | 123,583 | 323,029 | |||||||
Restricted shares | 244,585 | 211,244 | |||||||
Restricted share units | 1,577 | 1,308 | |||||||
Diluted weighted average common shares outstanding | 29,867,344 | 30,750,265 | |||||||
Basic net income per common share | $ | 0.63 | $ | 0.68 | |||||
Diluted net income per common share | $ | 0.63 | $ | 0.67 | |||||
Segment_Data_Tables
Segment Data (Tables) | 3 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Table of Key Financial Information of Company's Business Segments | The following table contains key financial information of the Company’s business segments (in thousands): | ||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Net sales: | |||||||||
Retail | $ | 287,983 | $ | 272,468 | |||||
Direct | 34,844 | 35,368 | |||||||
Manufacturing | 21,828 | — | |||||||
Segment net sales | 344,655 | 307,836 | |||||||
Elimination of intersegment revenues | (7,820 | ) | — | ||||||
Net sales | $ | 336,835 | $ | 307,836 | |||||
Income from operations: | |||||||||
Retail | $ | 56,059 | $ | 56,699 | |||||
Direct | 5,065 | 7,025 | |||||||
Manufacturing | 299 | — | |||||||
Corporate costs (1) | (30,468 | ) | (29,477 | ) | |||||
Income from operations | $ | 30,955 | $ | 34,247 | |||||
-1 | Corporate costs include (in thousands): | ||||||||
Three Months Ended | |||||||||
March 28, | March 29, | ||||||||
2015 | 2014 | ||||||||
Depreciation and amortization expenses | $ | 8,880 | $ | 8,040 | |||||
Acquisition and integration costs | 360 | 1,758 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (Nutri-Force [Member], USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Jun. 06, 2014 | Mar. 28, 2015 |
Nutri-Force [Member] | ||
Business Acquisition [Line Items] | ||
Total purchase price | $86.10 | |
Contingent consideration | $5 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished goods | $191,609 | $171,896 |
Work-in-process | 5,460 | 4,592 |
Raw materials | 16,644 | 10,539 |
Inventories, Total | $213,713 | $187,027 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||
Intangible Assets, Goodwill, Gross Carrying Amount | $243,269 | $243,269 |
Goodwill | 243,269 | 243,269 |
Intangible Assets, Gross Carrying Amount | 337,824 | 337,674 |
Intangible Assets, Accumulated Amortization | 5,925 | 5,380 |
Goodwill and Intangible Assets, Net | 331,899 | 332,294 |
Finite-Lived Intangible Assets, Amortization Expense | 20,225 | |
Intangible Assets, Net | 88,630 | 89,025 |
Brands [Member] | ||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||
Intangible Assets, Definite - Lived, Gross Carrying Amount | 10,000 | 10,000 |
Intangible Assets, Accumulated Amortization | 463 | 324 |
Finite-Lived Intangible Assets, Amortization Expense | 9,537 | 9,676 |
Tradenames [Member] | ||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||
Intangible Assets, Definite - Lived, Gross Carrying Amount | 4,400 | 4,250 |
Intangible Assets, Tradenames-Indefinite-Lived, Gross Carrying Amount | 68,405 | 68,405 |
Intangible Assets, Tradenames-Indefinite-Lived, Net | 68,405 | 68,405 |
Intangible Assets, Accumulated Amortization | 1,982 | 1,735 |
Finite-Lived Intangible Assets, Amortization Expense | 2,418 | 2,515 |
Intangibles Related to Asset Purchase [Member] | ||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||
Intangible Assets, Definite - Lived, Gross Carrying Amount | 2,950 | 2,950 |
Intangible Assets, Accumulated Amortization | 2,950 | 2,950 |
Intangible Assets, Net | 0 | 0 |
Customer Relationships [Member] | ||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||
Intangible Assets, Definite - Lived, Gross Carrying Amount | 7,500 | 7,500 |
Intangible Assets, Accumulated Amortization | 313 | 219 |
Finite-Lived Intangible Assets, Amortization Expense | 7,187 | 7,281 |
Software [Member] | ||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||
Intangible Assets, Definite - Lived, Gross Carrying Amount | 1,300 | 1,300 |
Intangible Assets, Accumulated Amortization | 217 | 152 |
Finite-Lived Intangible Assets, Amortization Expense | $1,083 | $1,148 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Detail) | 3 Months Ended |
Mar. 28, 2015 | |
Minimum [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Useful lives of definite-lived intangible assets, years | 3 years |
Maximum [Member] | |
Goodwill And Intangible Assets [Line Items] | |
Useful lives of definite-lived intangible assets, years | 20 years |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Expected Amortization Expense on Definite-Lived Intangible Assets (Detail) (USD $) | Mar. 28, 2015 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of Fiscal 2015 | $1,640 |
Fiscal 2016 | 1,485 |
Fiscal 2017 | 1,385 |
Fiscal 2018 | 1,385 |
Fiscal 2019 | 1,385 |
Thereafter | 12,945 |
Finite-Lived Intangible Assets, Amortization Expense | $20,225 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Mar. 28, 2015 | Dec. 27, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Deferred sales | $8,608 | $22,499 |
Accrued salaries and related expenses | 8,048 | 8,824 |
Sales taxes payable and related expenses | 7,552 | 6,494 |
Accrued fixed asset additions | 4,337 | 7,290 |
Other accrued expenses | 29,403 | 30,713 |
Accrued expenses and other current liabilities | $57,948 | $75,820 |
Credit_Arrangements_Additional
Credit Arrangements - Additional Information (Detail) (Revolving Credit Facility [Member], USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 28, 2015 | Dec. 27, 2014 | Mar. 29, 2014 | |
Debt Instrument [Line Items] | |||
Outstanding debt | $18,000,000 | $8,000,000 | |
Revolving Credit Facility, current borrowing capacity | 90,000,000 | ||
Revolving Credit Facility, maximum borrowing capacity | 150,000,000 | ||
Revolving Credit Facility, maturity date | 11-Oct-18 | ||
Borrowings under Revolving Credit Facility | 18,000,000 | 0 | |
Revolving Credit Facility, unused available line of credit | $69,100,000 | ||
Revolving Credit Facility, interest rate description | Borrowings under the Revolving Credit Facility accrue interest, at the Company's option, at the rate per annum based on an "alternative base rate" plus 0.25% or 0.50% or the adjusted Eurodollar rate plus 1.25% or 1.50%, in each case with the higher spread applicable in the event that the aggregate amount of the borrowings under the Revolving Credit Facility exceeds 50% of the borrowing base availability under the Revolving Credit Facility. | ||
Percentage of aggregate borrowings facility limit | 50.00% | ||
Weighted average interest rate | 1.44% | ||
Percentage of commitment fee on undrawn portion of Revolving Credit Facility | 0.25% | 0.25% | |
Minimum [Member] | Alternative Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate, basis spread | 0.25% | ||
Minimum [Member] | Adjusted Eurodollar Rate [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate, basis spread | 1.25% | ||
Maximum [Member] | Alternative Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate, basis spread | 0.50% | ||
Maximum [Member] | Adjusted Eurodollar Rate [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate, basis spread | 1.50% |
Credit_Arrangements_Interest_E
Credit Arrangements - Interest Expense, Net (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Debt Instrument [Line Items] | ||
Amortization of deferred financing fees | $39 | $32 |
Interest income | -12 | |
Interest expense, net | 164 | 85 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest/Fees on the revolving credit facility and other interest | $125 | $65 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of equity incentive plan | 2 | |
Intrinsic value of options exercised | $0.70 | $4.70 |
Cash received from options exercised | 0.8 | 1.8 |
Compensation expense attributable to stock-based compensation | 2.1 | 1.9 |
Unrecognized stock based compensation expense for non-vested stock options, restricted shares and restricted shares units | 6.6 | |
Recognition period for non-vested stock options, restricted shares and restricted shares units | 1 year 6 months | |
Estimated value of future forfeitures for equity grants | 1.5 | |
Weighted-average grant date fair value for grants | $15.60 | |
Stock purchased during period, shares | 2,305 | |
Stock purchased during period, value | $0.10 | |
2006 and 2009 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available to grant under both plans | 2,444,670 |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Restricted Shares (Detail) (USD $) | 3 Months Ended |
Mar. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at December 27, 2014, Number of Unvested Restricted Shares | 448,611 |
Granted, Number of Unvested Restricted Shares | 9,833 |
Vested, Number of Unvested Restricted Shares | -5,312 |
Canceled/forfeited, Number of Unvested Restricted Shares | -5,801 |
Unvested at March 28, 2015, Number of Unvested Restricted Shares | 447,331 |
Unvested at December 27, 2014, Weighted Average Grant Date Fair Value | $45.04 |
Granted, Weighted Average Grant Date Fair Value | $46.77 |
Vested, Weighted Average Grant Date Fair Value | $51.42 |
Canceled/forfeited, Weighted Average Grant Date Fair Value | $44.23 |
Unvested at March 28, 2015, Weighted Average Grant Date Fair Value | $45.01 |
Restricted Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at December 27, 2014, Number of Unvested Restricted Shares | 9,633 |
Granted, Number of Unvested Restricted Shares | 5,715 |
Vested, Number of Unvested Restricted Shares | -9,280 |
Unvested at March 28, 2015, Number of Unvested Restricted Shares | 6,068 |
Unvested at December 27, 2014, Weighted Average Grant Date Fair Value | $51.37 |
Granted, Weighted Average Grant Date Fair Value | $47.19 |
Vested, Weighted Average Grant Date Fair Value | $51.71 |
Unvested at March 28, 2015, Weighted Average Grant Date Fair Value | $46.91 |
Stock_Based_Compensation_Summa1
Stock Based Compensation - Summary of Stock Options (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |
Outstanding at December 27, 2014, Number of Options | 383,577 |
Granted, Number of Options | 0 |
Exercised, Number of Options | -35,689 |
Canceled/forfeited, Number of Options | -388 |
Outstanding at March 28, 2015, Number of Options | 347,500 |
Vested or expected to vest at March 28, 2015, Number of Options | 328,666 |
Vested and exercisable at March 28, 2015, Number of Options | 305,304 |
Outstanding at December 27, 2014, Weighted Average Exercise Price | $24.14 |
Granted, Weighted Average Exercise Price | $0 |
Exercised, Weighted Average Exercise Price | $21.94 |
Canceled/forfeited, Weighted Average Exercise Price | $37.07 |
Outstanding at March 28, 2015, Weighted Average Exercise Price | $24.35 |
Vested or expected to vest at March 28, 2015, Weighted Average Exercise Price | $24.35 |
Vested and exercisable at March 28, 2015, Weighted Average Exercise Price | $22.52 |
Outstanding at March 28, 2015, Weighted Average Remaining Contractual Life (years) | 3 years 11 months 16 days |
Vested or expected to vest at March 28, 2015, Weighted Average Remaining Contractual Life (years) | 3 years 11 months 16 days |
Vested and exercisable at March 28, 2015, Weighted Average Remaining Contractual Life (years) | 3 years 7 months 21 days |
Outstanding at March 28, 2015, Aggregate Intrinsic Value | $5,702 |
Vested and exercisable at March 28, 2015, Aggregate Intrinsic Value | $5,504 |
Stock_Based_Compensation_Summa2
Stock Based Compensation - Summary of Fair Value Option Grant Using Black-Scholes Option-Pricing Model (Detail) | 3 Months Ended |
Mar. 29, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Expected dividend yield | 0.00% |
Weighted average expected volatility | 35.90% |
Weighted average risk-free interest rate | 1.20% |
Expected holding period | 4 years |
Advertising_Costs_Additional_I
Advertising Costs - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Other Income and Expenses [Abstract] | ||
Advertising expense | $6.50 | $5.50 |
Net_Income_Per_Share_Calculati
Net Income Per Share - Calculation of Basic and Diluted Net Income Per Common Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Net income | $18,700 | $20,509 |
Basic weighted average common shares outstanding | 29,497,599 | 30,214,684 |
Diluted weighted average common shares outstanding | 29,867,344 | 30,750,265 |
Basic net income per common share | $0.63 | $0.68 |
Diluted net income per common share | $0.63 | $0.67 |
Stock Options [Member] | ||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Effect of dilutive securities | 123,583 | 323,029 |
Restricted Shares [Member] | ||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Effect of dilutive securities | 244,585 | 211,244 |
Restricted Share Units [Member] | ||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Effect of dilutive securities | 1,577 | 1,308 |
Net_Income_Per_Share_Additiona
Net Income Per Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive stock options excluded from computation of earnings per share | 10,015 | 25,941 |
Restricted Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive stock options excluded from computation of earnings per share | 10,015 | 25,941 |
Share_Repurchase_Program_Addit
Share Repurchase Program - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 0 Months Ended | |
Jan. 31, 2015 | Aug. 31, 2014 | Mar. 28, 2015 | Mar. 28, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Purchase of common stock under share repurchase program | $100,000,000 | |||
Purchase plan period | 3 years | |||
Common stock shares repurchased and retired during period, shares | 400,000 | |||
Common stock shares repurchased and retired during period, value | 16,500,000 | |||
Common stock shares repurchased price per share | $41.35 | |||
Average repurchase price per share | $46.68 | |||
Accelerated Share Repurchase Agreement [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock shares repurchased and retired during period, shares | 88,325 | |||
Common Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock shares repurchased and retired during period, shares | 1,672,039 | |||
Additional Paid-In Capital [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock shares repurchased and retired during period, value | 74,400,000 |
Segment_Data_Additional_Inform
Segment Data - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Dec. 27, 2014 | |
Stock_Unit | |||
Segment | |||
Segment Reporting Information [Line Items] | |||
Number of business segments | 3 | ||
Number of SKUs available for online access | 23,000 | ||
Goodwill | $243,269,000 | $243,269,000 | |
Identifiable assets | 733,547,000 | 722,391,000 | |
Capital expenditures | 11,274,000 | 8,515,000 | |
Retail [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 165,300,000 | ||
Direct [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 45,300,000 | ||
Manufacturing [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 32,600,000 | ||
Identifiable assets | 95,700,000 | 96,200,000 | |
Capital expenditures | 1,100,000 | ||
Long lived assets | $60,300,000 | $59,900,000 |
Segment_Data_Table_of_Key_Fina
Segment Data - Table of Key Financial Information of Company's Business Segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Revenue from External Customer [Line Items] | ||
Net sales | $336,835 | $307,836 |
Income from operations | 30,955 | 34,247 |
Operating Segments [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 344,655 | 307,836 |
Operating Segments [Member] | Retail [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 287,983 | 272,468 |
Income from operations | 56,059 | 56,699 |
Operating Segments [Member] | Direct [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 34,844 | 35,368 |
Income from operations | 5,065 | 7,025 |
Operating Segments [Member] | Manufacturing [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | 21,828 | |
Income from operations | 299 | |
Elimination of Intercompany Revenues [Member] | ||
Revenue from External Customer [Line Items] | ||
Net sales | -7,820 | |
Corporate Costs [Member] | ||
Revenue from External Customer [Line Items] | ||
Income from operations | ($30,468) | ($29,477) |
Segment_Data_Table_of_Key_Fina1
Segment Data - Table of Key Financial Information of Company's Business Segments (Parenthetical) (Detail) (Corporate Costs [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 28, 2015 | Mar. 29, 2014 |
Corporate Costs [Member] | ||
Revenue from External Customer [Line Items] | ||
Depreciation and amortization expenses | $8,880 | $8,040 |
Acquisition and integration costs | $360 | $1,758 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 0 Months Ended | |
6-May-15 | Aug. 31, 2014 | |
Subsequent Event [Line Items] | ||
Purchase of common stock under share repurchase program | $100,000,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Purchase of common stock under share repurchase program | 100,000,000 | |
Purchase plan period | 3 years | |
Remaining common stock authorized under share repurchase program | $25,600,000 |